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WalletHub Economic Index: 5% Drop in Consumer Sentiment vs. Last Year

Consumers feel 5% less confident about their financial outlook now than they did one year ago, according to the latest WalletHub Economic Index, released today (with accompanying expert commentary).

The WalletHub Economic Index is a monthly survey that evaluates economic prospects based on 10 components of consumer sentiment. These components revolve around how people feel about their finances, purchasing plans and employment opportunities.

Key Stats – Negative Outlook

  • Rising stress: Consumers’ stress levels regarding money are nearly 13% worse in February 2023 compared to last year.
  • Low financial optimism: In February 2023, consumers’ optimism about their finances is over 6% lower than it was last year.
  • Fewer new employment opportunities: The share of consumers who feel new employment opportunities are “abundant” is about 4% lower in February 2023 compared to last year.
  • Real estate declines: Home-buying interest among consumers decreased notably (-9.5%) during the past year.

Key Stats – Positive Outlook

  • Credit score security: The share of consumers who expect their credit score to increase in the next six months is over 3% higher in February 2023 compared to last year.

The complete WalletHub Economic Index results can be found at https://wallethub.com/edu/wallethub-economic-index/91926.

This article was released by WalletHub.